Brian MacArthur • Raymond James

Answer

CFO Sandip Rana attributed the strong Musselwhite performance to gold price leverage, improved operations, and a minor catch-up payment from 2024. He suggested that approximately $4 million per quarter would be a reasonable expectation going forward.

Ask Fintool Equity Research AI

Answer

CFO Sandip Rana explained that the Musselwhite NPI's strong quarter was driven by gold price leverage, better mine operations, and a small catch-up payment from 2024. She suggested that approximately $4 million per quarter would be a reasonable expectation going forward.

Ask Fintool Equity Research AI

Answer

CFO Sandip Rana confirmed that production volumes are in line with expectations and Antapaccai's performance should normalize while remaining within guidance. President & CEO Paul Brink clarified the Condestable rate change only affects the final rate with no near-term changes. Sandip Rana also detailed that the global minimum tax, once enacted, would trigger a one-time adjustment of approximately $47 million and raise the future effective tax rate to about 19%.

Ask Fintool Equity Research AI

Answer

SVP & CFO Vincent Lau and CEO Randy Smallwood confirmed Wheaton is insulated from such tariffs as it takes delivery of metal credits primarily in London. They noted that while it is too early to tell, the company has no contractual restrictions and would look for opportunities to benefit from any significant price differentials between markets like LME and COMEX.

Ask Fintool Equity Research AI

Answer

SVP of Corporate Development, Haytham Hodaly, clarified that the $500 million to $1 billion figures refer specifically to the stream or royalty component, which is Wheaton's core business. He further explained that when participating in a broader funding package, Wheaton requires the stream portion to represent at least 80% of the total value it provides, ensuring the investment aligns with its primary business model.

Ask Fintool Equity Research AI

Answer

SVP, Corporate Development Haytham Hodaly responded that Wheaton has become increasingly creative in structuring transactions to expand on high-quality streams. He explained these amendments provide additional protections for Wheaton and ensure value is received, even with partner delays, while confirming the security on these additional investments is as good as or better than the original.

Ask Fintool Equity Research AI

Answer

SVP & CFO Thomas Whelan confirmed that for cash tax purposes, it is appropriate to assume a standard rate for Mexico and a zero tax rate for the U.S. for the time being. He noted that while the company is beginning to utilize its significant NOLs, this modeling approach remains the most accurate.

Ask Fintool Equity Research AI

Answer

CFO Thomas Whelan confirmed the inventory and deferred tax accounting adjustments will impact net income but not cash flow. Executive Mitchell J. Krebs affirmed that Q1 cleared the deck of one-time cash items and agreed that near-term shareholder returns could be considered before a major investment decision on Silvertip, given the strong free cash flow outlook.

Ask Fintool Equity Research AI

Answer

CEO Leigh Curyer confirmed there is 'no volume discretion' in the contracts for either the utility or NextGen. Regarding financing, he clarified that the two are directly related and that the company cannot trigger the financing until after receiving final regulatory approval, at which point it will be concluded in 'short order'.

Ask Fintool Equity Research AI

Answer

Chief Commercial Officer Travis McPherson stated the 48-month construction timeline, driven by the shaft sinking, is firm and cannot be materially accelerated. However, CEO Leigh Curyer noted the hearing delays have actually reduced execution risk by allowing for more refined planning. Curyer also confirmed that prioritizing Canadian and local sourcing is a key strategy that significantly de-risks the supply chain.

Ask Fintool Equity Research AI

Answer

CEO Leigh Curyer confirmed parts of the 2024 budget for equipment are included in the total CapEx. CCO Travis MacPherson affirmed the NPV was calculated on a like-for-like basis with the Feasibility Study. Leigh Curyer clarified that any material increase beyond the permitted 30 million pounds per annum would require a subsequent amendment, so new discoveries are currently viewed as extending mine life.

Ask Fintool Equity Research AI

Answer

Executive VP & CFO Grant Isaac affirmed the focus remains on the 2030 timeline to re-enrich depleted UF6 tails under their agreement with the Department of Energy. He noted that while GLE could produce other products like LEU or HALEU, this would require specific commercial demand and contracts to underwrite the investment, making the tails agreement the primary path forward.

Ask Fintool Equity Research AI

Answer

Executive VP and CFO Grant Isaac clarified that Q4 volumes are essentially locked in due to binding delivery notices, leaving little room for upward surprises. He also confirmed that as the market tightens, new contracts feature less flexibility for buyers and more favorable terms for Cameco, such as longer notice periods and better pricing structures.

Ask Fintool Equity Research AI

Answer

President & CEO Kathleen Quirk confirmed no change to the long-range Grasberg plan and noted that KL's development adds valuable optionality to maximize NPV. She highlighted that KL's currently lower recovery assumptions represent a future opportunity. Chairman Richard Adkerson emphasized the Grasberg gold issue is a matter of timing, not a loss of resource, with a financial impact mitigated by taxes and non-controlling interest.

Ask Fintool Equity Research AI

Answer

President & CEO Kathleen Quirk stated there is no change to long-range Grasberg plans and that the KL development adds valuable optionality to optimize NPV by sequencing ore bodies. She noted that KL's current recovery assumptions are conservative and represent an opportunity. Chairman Richard Adkerson reiterated that the Grasberg issue is a matter of timing, not a loss of resource, and its financial impact is mitigated by taxes and the non-controlling interest.

Ask Fintool Equity Research AI

Answer

President and CEO Kathleen Quirk confirmed that under current regulations, the 7.5% tax applies to all exports. While exports will decline in the second half of 2025 as the smelter ramps up, any exported volume will incur the tax. She affirmed that in 2026, assuming the smelter is at full capacity and there are no exports, the tax would be zero.

Ask Fintool Equity Research AI

Answer

CEO Sheldon Vanderkooy confirmed that Steppe Gold owes 1,650 ounces of gold. He stated that after granting previous extensions, Triple Flag is now taking legal action to enforce payment. Vanderkooy expressed confidence in recovering the ounces, citing a parent company guarantee and Steppe Gold's strong operational performance.

Ask Fintool Equity Research AI

Answer

President and CEO Paul Tomory stated that Goldfield is being placed 'on the shelf' and the focus is now on strategic or commercial options, including a potential sale or JV. Regarding Molybdenum, he affirmed that while they are open to strategic outcomes, they view it as a high-return, strategic asset. For Oksut, he indicated that significant mine life extension from exploration is unlikely and the focus in Turkey is on greenfield targets.

Ask Fintool Equity Research AI

Answer

Paul Tomory, President and CEO, confirmed that the Langeloth facility is the principal value driver in their molybdenum strategy. The upcoming study will show the integrated economics of both Thompson Creek and Langeloth, assuming a ramp-up to much higher than 66% utilization. He explained that Thompson Creek's clean concentrate enables the blending and processing of third-party material to fill the roaster's full capacity.

Ask Fintool Equity Research AI

Answer

Executive Nolan Watson attributed the 2027 decline to two main factors. First, the Woodlawn stream, acquired from Nomad, provides a significant production boost in 2026 but is a capped stream that concludes by the end of 2027. Second, there is a minor tailing off of the Cerro Moro stream during that same period.

Ask Fintool Equity Research AI

Answer

Nolan Watson, an executive, explained that the primary driver for the decline in 2027 is the Woodlawn stream, a capped asset acquired from Nomad, which delivers significant value in 2026 before concluding by the end of 2027. He also noted that a minor tailing off of the Cerro Moro stream contributes to the decrease.

Ask Fintool Equity Research AI

Answer

Executive Nolan Watson clarified that the $15 million from the Evolve sale was received as cash and the remaining $5 million is a pending payment that may not close; there is no Evolve asset on the balance sheet. CFO Erfan Kazemi-Esfahani explained the Versamet valuation difference by stating the investment is carried at cost, not mark-to-market, as per accounting rules, while the $300 million figure is the enterprise value.

Ask Fintool Equity Research AI

Answer

Executive Nolan Watson clarified that the Evolve transaction was for cash, with $15 million received and the final $5 million pending, so it is not carried as an investment. CFO Erfan Kazemi-Esfahani explained the Versamet valuation discrepancy is because the investment is carried at cost on the balance sheet, which is an accounting requirement, whereas the $300 million figure represents the asset's enterprise value following a recent transaction.

Ask Fintool Equity Research AI

Answer

President and CEO William Heissenbuttel confirmed the delayed revenue from Cactus is based on the expected mine plan and not a complex or checkerboard royalty structure. Regarding Pueblo Viejo, he explained that deferred ounces begin to be recovered once silver recovery rates exceed 52.5%, but cautioned that the net value received would be reduced by the 30% of spot price payment and the settlement of previously deferred cash payments, resulting in a net value of roughly 35-40% of the gross silver price.

Ask Fintool Equity Research AI

Answer

Jason Attew, President and CEO, responded that while the specific details of the intercreditor agreement are confidential, management is highly confident in its protections. He reiterated that Osisko is a secured creditor with security over the property and a registered interest in the land. Attew expressed confidence that Osisko's rights would be upheld and continue upon a restart of the Eagle Mine, even if the operator were to go through a CCAA process.

Ask Fintool Equity Research AI

Answer

Jason Attew, President and CEO, stated that while the specific details of the intercreditor agreement are confidential, Osisko is very confident in its protections. He reiterated that the company is a secured creditor with security over the property and a registered interest in the land with the Yukon Territory, giving them confidence that their royalty rights will continue upon a restart of the mine, even through a CCAA process.

Ask Fintool Equity Research AI